Looks to me there won't be any deal until Brilacidin has completed or almost late into the completion of P3 trial; can refer to Trius and Optimer acquisition timeline as examples. When the acquisition was announced, Optimer's dificid was already approved while Trius' tedizolid phosphate was in the late stage trial. Also, we don't know if Leo is going to negotiate with the whole Brilacidin asset itself that includes those treatment like oral mucocitis, ulcerative proctitis, diabetic foot infection, eye and ear infections, etc because some of these treatments haven't been tested so far.

http://www.bloomberg.com/news/articles/2013-0...ital-drugs